New York, United States, Oct. 27, 2022 (GLOBE NEWSWIRE) -- The Worldwide Bicycle Market Size was valued at $78.33 billion in 2021 and is expected to reach at a CAGR of 6.5% from 2022 to 2030, and is anticipated to grow at a CAGR of 16.7% from 2022 to 2030, According to a latest research study published by Spherical Insights & Consulting.
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The global bicycle market is anticipated to rise as customer preferences for bicycles as a form of leisure increase. In order to maintain an active and healthy lifestyle, a life free from obesity, and a life free from numerous ailments, bicycles are a handy method of exercise that is in great demand among consumers. The demand for bicycles is expanding globally as a result of increased public awareness of the health benefits of cycling. Additionally, dockless bicycle sharing programmes are rapidly gaining popularity among the general public, which is anticipated to support the expansion of the world bicycle market.
Users of the bike-sharing systems can find nearby bicycles and electronically unlock them. In developing nations like Asia Pacific, dockless bicycle sharing systems are quickly gaining popularity. They were first introduced in Europe. The development of the dockless bike cycle sharing system has been greatly aided by developments in mobile application development and GPS systems, which have been made possible by the spread of digital technologies and the increasing use of cellphones and the internet worldwide. The bicycle industry is anticipated to increase as a result of the increasing investments made by different companies in the bicycle sharing systems in different regions.
Over the projection period, it is predicted that the availability of alternate modes of transportation such as scooters, motorcycles, and other micro mobility solutions with longer travel distances than bicycles will constrain market growth. The anticipated absence of the infrastructure necessary to support and encourage bicycle commuting, particularly in developing nations like India, is another factor that is predicted to hinder the market's growth.
COVID 19 Impact on Global Bicycle Market
The COVID-19 outbreak is undoubtedly predicted to aid the market expand in the upcoming years because numerous governments globally are actively promoting bicycles as one of the safest modes of transportation that enables people to keep social distance. Additionally, during the pandemic, governments in important nations like the U.K. and Italy are offering subsidies for the purchase of new bicycles. Therefore, the government's assistance in the form of programmes and subsidies, along with increased knowledge of the advantages bicycles offer, portend well for the market's expansion over the coming years.
Browse key industry insights spread across 130 pages with 112 market data tables and figures & charts from the report “Global Bicycle Market Size, Share, and COVID-19 Impact Analysis, By Product (Mountain, Hybrid, Road, Cargo), By Technology (Electric, Conventional), By Distribution Channel (Online, Offline), By End User (Men, Women, Kids), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2030”, in detail along with the table of contents
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Global Bicycle Market, By Product
Based on product, the global bicycle market is segmented into mountain, hybrid, road, and cargo. Mountain biking is expected to have significant growth over the course of the projection period as consumers, particularly millennials, continue to favour it as a leisure and adventure activity. The progressive increase in the number of women and kids doing sports is another factor that is expected to affect the segment's global expansion. Additionally, it is projected that the creation of new mountain bike circuits and growing media coverage of such events will hasten segment expansion.
Global Bicycle Market, By Technology
Based on technology, the global bicycle market is bifurcated into electric and conventional. Since electric bicycles are simple to use, the electric segment is anticipated to develop at the fastest rate, with a CAGR of 10.2% during the projected period. Compared to their conventional counterparts, electric bicycles can also guarantee speedier travel times. The most recent batteries used in electric bicycles can also provide larger capacity and longer lives despite their smaller size. Electric bicycles are more user-friendly because to such maintenance-free batteries. So, it makes sense that customers would favour them.
Global Bicycle Market, By Distribution Channel
Based on the distribution channel, the global bicycle market is segmented into online and offline. With a CAGR of 10.9% during the forecast period, the online distribution channel is anticipated to become the market segment with the quickest growth. Consumer engagement in online retailers will increase as cell phones and the internet become more widely used in emerging economies like Brazil, China, India, and Mexico. Additionally, as the use of the internet spreads, merchants are being encouraged to offer their goods on online marketplaces like Ali Express, Amazon, and Flipkart in undeveloped regions. Additionally, internet retailers provide alluring discounts on their products, luring customers to make purchases there.
Global Bicycle Market, By End User
On the basis of end user, the global bicycle market is segmented into men, women, and kids. With 40% of the market share overall, the men's category is the one of these with the fastest growing market share. The expansion of this market has been aided by men's increasing use of bicycles for transportation, exercise, sports, and leisure purposes.
Global Bicycle Market, By Region
On the basis of region, the global bicycle market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa and South America. Over the projection period, Europe is anticipated to experience the greatest growth rate of 10.4%. Some of the cities that are deemed perfect for bicycle commuting are found in Europe. Europe also hosts some of the most well-known cycling competitions, including the Tour de France and Ronde van Vlaanderen. Belgium, Denmark, France, and Italy are vigorously building the infrastructure to support and promote bicycle commuting, and they are making a big contribution to the expansion of the local market.
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Recent Developments in the Global Bicycle Market
- April 2022: Hero International (HIT), a division of India's Hero Motors Corporation (HMC), has announced the opening of a new e-bike assembly plant at its Manchester manufacturing location. The business plans to manufacture both high-end electric bicycles and push bikes for its customers in the UK and the EU.
- April 2022: Giant Bicycle is going to launch the new model of Giant Cypress DX, Liv Flourish FS1, Giant Escape 3 Comfort, and Liv Alight 3 Comfort bicycles.
- July 2021: The Trek Foundation was started by Trek Bicycles with the intention of assisting in the construction of public mountain bike trails and other cycling-related infrastructure projects.
Segmentation
By Product
- Mountain
- Hybrid
- Road
- Cargo
By Technology
- Electric
- Conventional
By Distribution Channel
- Online
- Offline
By End User
- Men
- Women
- Kids
By Region:
North America
- North America, by Country
- U.S.
- Canada
- Mexico
- North America, by Component
- North America, by Structure
- North America, by Platform Type
- North America, by Automation Level
- North America, by End User
Europe
- Europe, by Country
- Germany
- Russia
- U.K.
- France
- Italy
- Spain
- The Netherlands
- Rest of Europe
- Europe, by Component
- Europe, by Structure
- Europe, by Platform Type
- Europe, by Automation Level
- Europe, by End User
Asia Pacific
- Asia Pacific, by Country
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Rest of Asia Pacific
- Asia Pacific, by Component
- Asia Pacific, by Structure
- Asia Pacific, by Platform Type
- Asia Pacific, by Automation Level
- Asia Pacific, by End User
Middle East & Africa
- Middle East & Africa, by Country
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa, by Component
- Middle East & Africa, by Structure
- Middle East & Africa, by Platform Type
- Middle East & Africa, by Automation Level
- Middle East & Africa, by End User
South America
- South America, by Country
- Brazil
- Argentina
- Colombia
- Rest of South America
- South America, by Structure
- South America, by Component
- South America, Automation Level
- South America, by Platform Type
- South America, by End User
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